信义玻璃:深加工业务提供盈利底 弹性静待浮法边际改善

中金公司
Aug 03, 2025

1H25 业绩略低于我们预期公司公布1H25 业绩:营收同比-9.7%至98 亿元,归母净利润同比-59.6%至10 亿元,公司应占联营公司溢利达2.03 亿元,公司业绩符合其前期预告,但小幅低于我们预期,主要由于浮法、建筑玻璃行业整体需求低迷。汽车玻璃盈利略超我们预期,提供厚实盈利底。1H25 汽车玻璃营收同比+10.6%至33 亿元,毛利率同比+5.0ppt 至54.5%,其营收增速、毛利率...

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